Jerry Samet
03-14-2017, 06:02 PM
The market opened lower today and was in negative territory the whole session. The major averages bottomed out about an hour and a half into trading and then worked their way higher for the rest of the day. All the major averages finished at the top of their intraday trading ranges, but still closed with losses due to a gap lower at the open. The COMPQ fell .32% while the SPX lost .34%. The closes at the highs shows that there was some buying coming in as prices fell. Volume was lower across the board and below average on both exchanges. Leading stocks were lower as well in almost a reversal of yesterday. The leaders index declined 1.51% and traded below its short term 9dma support level. It rallied and closed high in its trading range, which is encouraging. The index closed right on the 9dma and volume was very close to yesterday’s level. It was a negative day overall, but the damage wasn’t too bad. The leaders index and the major averages closed high in their trading ranges and volume was lower, showing there was not much selling pressure as large institutional players were not dumping stocks. The market is having a little trouble moving higher right now, but we don’t know if it is putting in a top or resting until important moving averages catch up. The weekly Coppock has flattened out and the direction of this indicator will tell us a lot. Right now there has been modest damage done and there is little real evidence that the market is topping out. If the weekly Coppock rolls over that will likely change. Jerry